Scotty Beam Launching on Equinox
Teleport Your NFTs to Different Blockchains
A first-of-its-kind project is coming to Equinox!
Nox finds the most significant disruptors and creators to bring to the Equinox community, helping everybody thrive and move toward a better tomorrow.
Her search for new, frontier-breaking projects has unearthed another incredible NFT-centered platform, and we’re excited to give it the exposure it needs to succeed.
The latest find: Scotty Beam.
The Project
Scotty Beam is the world’s first cross-chain NFT teleport protocol supporting all NFT-compatible networks. By facilitating Peer-to-Peer (P2P) exchanges of Non-Fungible Tokens (NFTs) across multiple blockchains, Scotty’s decentralized application enables collectors and investors to participate in expanded markets and access greater demand, trading volumes, and liquidity. Their built-in validator also confirms the origins of assets and creates certificates of authenticity to prevent scam tokens from being teleported.
Current Problem
NFTs have become a mainstream phenomenon, generating billions of dollars in sales and leading to a boom in blockchain projects and digital art. But most of that volume has happened on the Ethereum network, leading to millions of dollars also being spent on gas fees.
Having Ethereum as the front runner and the source of most NFT volume has led to the broader space being fragmented and siloed. People are forced into a dilemma when minting or buying assets: pay high fees to access that higher volume or pay less gas and get lower volume.
There are some bridges in place to allow the movement of NFTs to other blockchains, but this typically requires an NFT clone to be wrapped with a layer that makes it compatible with the destination network (e.g., ETH -> WETH). Each subsequent blockchain destination requires a new clone and a new wrapped layer, accumulating metadata along the way.
This process of cloning can create an expensive situation for the final holder, as they will then have to pay to remove all the layers to get back to the source material. It also creates a privacy issue, where malicious actors could trace the metadata back to previous owners and use the information to coordinate a cyber-attack on unsuspecting targets.
The Scotty Beam Solution
The Scotty Beam dApp is a one-stop platform that solves these NFT problems and enables cross-chain trading. The first-of-its-kind teleport technology doesn’t require clones of clones and verifies authenticity before the first teleport. You can trust the assets are genuine, and nobody can trace data back to you.
How Does It Work?
All NFTs are first registered at the Space Dock before you can teleport them. A cross-chain AI oracle validates all available information, including origin, history, royalty obligations, brokerage fees, etc., and ensures they’re genuine assets. Once confirmed, the NFTs receive a Digitally-Signed Certificate of Authenticity (DCoA) and are cleared for sending.
The protocol locks the source NFT into a smart contract, and a clone is created and teleported to the new blockchain with all the same information. Token clones contain a secure link to their source NFTs, allowing prospective buyers to confirm ownership and authenticity.
If a buyer wants to purchase the NFT on a different network, the first clone is burned, and a new one is sent to the desired chain. The source NFT becomes unlocked long enough to update the owner information and is then immediately locked up in a new smart contract.
Scotty Beam Teleporter Features:
The Scotty Beam platform has many features that benefit creators, buyers, and sellers. With their technology, anyone in the NFT space can access improved liquidity, increased variety, and reduced transaction fees. Their list of features includes:
Decentralized NFT cross-chain teleporter
- Scotty Beam supports Ethereum, Binance Smart Chain, and Polygon now, but will also work with FLOW, Solana, Fantom, Polkadot, and more in the future.
NFT origin validator
- You know you’re getting the real deal, not a scam token, with the AI oracle validation.
Digital certificates of authentication (anti-fraud)
- These are embedded in every NFT before teleporting.
P2P privacy protection (no metadata backtracing)
- There is only ever one clone, with a single connection back to the original. All the other clones are burned as tokens are teleported, eliminating the previous metadata.
Embedded autonomous royalty and broker commissions
- Ongoing royalty payments to creators and one-time fees to brokers for facilitating sales remain embedded in teleported NFTs.
Cross-chain NFT gallery and auction support
- Multi-chain galleries or NFT auctions can be hosted on the Scotty Beam platform to improve exposure and increase access to the different NFT trading communities.
Scotty Beam represents the best solution for cross-chain NFT transactions and simplifies participation in the market. The platform improves trading, collecting, and community building, massively expanding the opportunities available within the NFT space.
NFTs on a single chain are a thing of the past. Let Scotty beam you up to a better future.
The Equinox Launch Mission
Projects like Scotty Beam take the potential of crypto to new heights with exciting new use cases. This cutting-edge technology propels society forward and motivates us to act as incubators and supporters for disruptive, world-changing ideas.
We’re maximizing humankind’s full potential for growth by teaming up with other visionaries in the real-world crypto space and creating virtual spaces that combine music, art, technology, and blockchain education.
Please join us for the live launch event. Stay tuned to our social media channels, as we’ll be releasing more information soon.
A new season is upon us. We hope you’re ready.
Find out more about Scotty Beam at:
About Equinox
Autumn Equinox has passed. The time for a new non-fungible community-driven launchpad is upon us.
Find out more at:
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